BC Advantage - 2016 Issue 1

The Growing Role of Consumers in Healthcare Payments

The U.S. healthcare payments market is expected to reach an estimated $5 trillion per year as a total of both payer and consumer payments by 2022 . However, more than 30 percent of those dollars are considered to be wasted due to inefficient payment processing and antiquated paper-based billing and administrative processes . These costs are expected to increase unless the healthcare industry recognizes and addresses the critical role of consumer choice and the impact of the digital economy on new payment channels. Below are some trends driving shifts in consumer payment preferences and how they may impact cash...

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